Enerflex
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Enerflex (EFX) investor relations material

Enerflex Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary6 Aug, 2026

Executive summary

  • Achieved $2.6B in trailing twelve-month revenue and $533M in TTM adjusted EBITDA as of Q2 2026, with a 20.7% adjusted EBITDA margin and $231M in TTM free cash flow.

  • Delivered solid operational performance in Q2 2026, driven by Energy Infrastructure and After-Market Services, with Engineered Systems maintaining strong commercial momentum.

  • Maintains a diversified, investment-grade customer base with low revenue concentration risk; top 10 customers account for ~35% of revenue, with the largest customer at ~5%.

  • Strategic focus on operational excellence, disciplined growth, and capital allocation, with initiatives to enhance collaboration, scale, and efficiency, including digital service expansion and North American integration.

  • Recurring sources contribute ~65% of gross margin before D&A, supporting business resilience.

Financial highlights

  • Q2 2026 revenue was $582M, down from $615M in Q2 2025 and $584M in Q1 2026, mainly due to project sequencing and resource allocation.

  • Gross margin before depreciation and amortization was $173M (30% of revenue), compared to $175M (29%) in Q2 2025.

  • Adjusted EBITDA was $128M in Q2 2026, with TTM adjusted EBITDA of $533M and a margin of 20.7%.

  • Net earnings were $30M ($0.25/share), down from $60M ($0.49/share) in Q2 2025 and $43M ($0.35/share) in Q1 2026.

  • Free cash flow improved to $32M in Q2 2026, with TTM free cash flow at $231M.

Outlook and guidance

  • Engineered Systems bookings remain strong, with Q2 bookings at $488M and first-half bookings near $1B, supporting a record $1.5B backlog.

  • Book-to-bill ratio for ES was 1.6x in Q2 and 1.5x for the first half, indicating robust demand.

  • Organic growth capital expenditures for 2026 guided at $185M–$195M, with $100M for growth and $70M–$80M for maintenance.

  • Targeting 10%-15% customer-supported fleet growth in U.S. Contract Compression for 2026.

  • Multi-year fundamentals remain favorable, driven by rising natural gas and liquids production and robust backlogs.

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Q3 20265 Nov, 2026
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